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Tuesday, October 18, 2011

Harvest Court MD average 15c offer for shares, warrants

KUALA LUMPUR: HARVEST COURT INDUSTRIES BHD [] said its managing director Ng Swee Kiat's offer to acquire the shares and warrants held by Affin Bank Bhd was at an average indicative price of 15 sen.

The company, in response to a Bursa Malaysia Securities' query on Tuesday, Oct 18, said there was no breakdown of the offer for the 31.41 million shares or 18.27% stake and 7.85 million warrants or 11.10% stake.

On Monday, Harvest Court said Ng's indicative price for the shares and warrants offered to Affin Bank was 15 sen per share and warrant.

The company said the proposed acquisition of the entire shares and warrants by Mr Ng Swee Kiat from Affin, would increase his direct and indirect stake from 16.78% to 35.05%.

This would trigger the take-over offer for the remaining shares in the company pursuant to the Malaysian Code on Take-Overs and Mergers 2010.

However, there was no indicative time frame to conclude or finalise the proposed acquisition of shares / warrants as the proposal was still at the initial stage of discussion.

Affin Bank held the 31.41 million Harvest Court shares as at Nov 26, 2009 which it had received pursuant to the proposed debt revamp of the company.